Accounting 1 - Week 1
Accounting 1 - Week 1
ACCOUNTANCY,
BUSINESS and
MANAGEMENT I
Course Description
INTRODUCTION TO ACCOUNTING
RECORDING – this involves keeping a chronological diary of events that are measured
in pesos. The diary referred to in the definition is the journals and ledgers which will be
discussed in future chapters.
Functions of Accounting
- Accounting is the means by which business information is communicated to business
owners and stakeholders. The role of accounting in business is to provide information
for managers and owners to use in operating the business. In addition, accounting
information allows business owners to assess the efficiency and effectiveness of their
business operations.